Harbor Custom Development announces plans to liquidate

By Wendy Van Sickle

Columbus, Ohio, Feb. 16 – Harbor Custom Development, Inc. retained Keen-Summit Capital Partners LLC to manage the sale of its multi-family real estate portfolio, the company said in a news release Friday.

The multi-family portfolio includes four projects: Belfair View Apartments in Belfair, Wash.; Bridgeview Trail Apartments in Port Orchard, Wash.; Meadowscape Apartments in Olympia, Wash.; and Pacific Ridge Apartments in Tacoma, Wash.

An auction has yet to be scheduled. Stalking horse offers are being considered. The sale is subject to court approval.

Harbor Custom said it explored the possibilities of restructuring its business to continue as a going concern but has found no viable plan to do so. Subject to approval of the U.S. Bankruptcy Court for the Western District of Washington, the company now plans to complete an orderly wind-down of its business, including sales of its remaining assets in Washington, California, Florida and Texas, to maximize any potential recovery for its creditors.

The company’s holdings near Semiahmoo, Wash., will also be put on the market shortly, it said. Harbor Custom said it believes it is unlikely that the liquidation process will result in any material return to its equity shareholders.

The company plans to submit a Chapter 11 plan proposing liquidation of its assets to the bankruptcy court for approval in late February.

Harbor Custom Development is a real estate development company located in Tacoma, Wash. The company filed bankruptcy on Dec. 11 under Chapter 11 case number 23-42180.

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